Business
Armata Pharmaceuticals Announces $20 Million Investment to Support Advancement of the Company's Bacteriophage Development Programs
MARINA DEL REY, Calif., Jan. 27, 2021 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a biotechnology company
About this update from Innoviva, Inc.
[{"type":"text","content":"MARINA DEL REY, Calif., Jan. 27, 2021 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) (\"Armata\" or the \"Company\"), a biotechnology company focused on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, today announced that it has entered into a securities purchase agreement to sell Armata common stock and warrant securities to Innoviva Strategic Opportunities LLC, a wholly-owned subsidiary of Innoviva, Inc. (Nasdaq: INVA) (collectively, \"Innoviva\"), Armata's largest shareholder. The gross proceeds to the Company from the transaction are expected to be approximately $20 million, before deducting the advisor's fee and other estimated offering expenses payable by the Company.\n\n \n \n \n \n \n \n\n \nArmata intends to use the net proceeds for the ongoing advancement of its bacteriophage development programs, including its FDA cleared first-in-human study, SWARM-P.a., which is evaluating the Company's lead phage product candidate, AP-PA02, as a potential treatment for Pseudomonas aeruginosa airway infections in cystic fibrosis patients, as well as for general working capital. In addition, the Company expects to initiate a second clinical trial related to another product candidate, AP-SA02, a phage targeting Staphylococcus aureus, in patients with complicated bacteremia later this year. \n\"Multi-drug resistant bacterial infections are a serious and growing public health threat, and with two strong therapeutic candidates and a robust team to drive clinical development, we believe we are well positioned to be a leader in the innovative field of phage therapy,\" said Todd R. Patrick, Chief Executive Officer of Armata. \"We are grateful for this continued financial support from Innoviva and pleased that they share our vision for the great potential of bacteriophage therapeutics. \n\"The proceeds from this transaction, together with our cash on hand and the $20 million in non-dilutive contract awards received in 2020, place us in a strong financial position to achieve meaningful clinical milestones this year and next,\" Mr. Patrick concluded.\nPursuant and subject to the terms and conditions of the securities purchase agreement and related agreements, Innoviva will purchase approximately 6.2 million newly issued shares of Armata's common stock, at a ...